Updated at 12:07 pm EST
General Motors (GM) – Get General Motors Company Report cautioned Friday that chip shortages and provide chain disruptions result in manufacturing delays that impacted round 100,000 automobiles, however reiterated its full-year revenue forecasts.
GM mentioned the 96,000 automobiles, which sit within the group’s broader stock, have been lacking sure elements that can delay their final sale. Still, GM mentioned second quarter U.S. gross sales have been down 15.4%, though that tally got here in beneath the Street estimate of round 17.1%.
The carmaker added within the Securities and Exchange Commission submitting that it absolutely expects to shift the models earlier than the top of the 12 months, and repeated its view that adjusted 2022 earnings will are available between $6.50 and $7.50 per share, with working free-cash move from operations of between $16 billion and $19 billion.
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Second quarter web revenue was pegged at between $1.6 billion and $1.9 billion.
“GM’s gross sales and market share have grown every of the final three quarters, even with lingering provide chain disruptions,” mentioned govt vp and president, North America Steve Carlisle. “Our long-term momentum will proceed to construct because of the launches of groundbreaking new EVs just like the GMC Hummer EV and Cadillac LYRIQ, and the super buyer response to the Chevrolet Silverado and GMC Sierra.”
GM shares have been halted from buying and selling on the New York Stock Exchange previous to its SEC 8-Ok submitting and have been final seen 0.22% increased in early afternoon buying and selling and altering arms at $31.80 every, a transfer that might trim the inventory’s year-to-date decline to round 46.7%.